Port Authority Board Elects New Officers

Press Release
Thursday, March 14, 2013
Marc Krantz, Photo: Port of Cleveland

The Cleveland-Cuyahoga County Port Authority’s Board of Directors elected officers to new one-year terms, effective immediately.

The Board elected Marc Krantz as Chair, Chris Ronayne as Vice Chair, and Diane Downing as Secretary. Krantz is managing partner of the Cleveland law firm of Kohrman Jackson and Krantz. He has served on the Board since 2009, and was for the last two years Vice Chair of the Board, and Chair of the Real Estate and Development Finance Committee.

Ronayne and Downing were both appointed to the Port Board in 2011. Ronayne is president of University Circle Inc.; Downing is senior vice president and regional manager of corporate affairs for Huntington National Bank in Cleveland.

Smith joined the Board in 2007 and served one year as Vice Chair and two years as Chair. He also headed the committee that in 2010 selected Will Friedman to become the Port’s President and CEO. Smith will remain on the Board, but chose to continue the recent tradition not to seek reelection to open leadership opportunities for other Directors.

During the Board meeting Port Directors also voted to issue up to $90 million in bonds to finance Cuyahoga County’s new headquarters. The project is expected to revitalize an older business district in downtown Cleveland and serve as an anchor for surrounding mixed-use redevelopment.

In other actions the Board agreed to:
-The $2 million sale of a building on E. 40th Street in Cleveland to Charter Stone Capital, LLC. The building is currently leased to I Can Schools. Proceeds will help support the Port’s 2013 capital program.
-The issuance of up to $85 million in bonds for the Medical Center Co., a non-profit that provides electrical, steam and other services to institutions in University Circle. The fixed-rate bonds will be used to refinance existing variable-interest bonds.
-A new one-year operating agreement with Federal Marine Terminals, Inc., which operates the Port’s general cargo facilities.
-Renewal of a one-year operating agreement with Kenmore Construction Co., which uses Port property to receive and distribute bulk construction materials.
-The execution of an agreement with VOCON Inc. for architectural and engineering services at the Port’s new administrative headquarters at 1100 W. 9th Street. The Port plans to move to the building later this year.

www.portofcleveland.com

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